Equity Profile

HESM

Hess Midstream LP

EnergyOil & Gas Storage & Transportation$5.0B

May4Mon

Post-Earnings Recap

ReportedQ1-2026Pre-Market8:00 AM EDT

Hess Midstream LP Beats on EPS, Stock Up 3.67%

Metric	Actual	Expected	Surprise
EPS	$0.68	$0.67	+4.13%
Revenue	—	$390M	—

management commentary, guidance changes, and full analysis available with Pro.

Hess Midstream LP Beats on EPS, Stock Up 3.67%

Key Numbers

Metric	Actual	Expected	Surprise
EPS	$0.68	$0.67	+4.13%
Revenue	—	$390M	—

Management Commentary

Tone: Unknown

No transcript is on record, and the analysis is based on numerical results only.

What It Means

Hess Midstream LP reported better-than-expected earnings per share, which contributed to a positive stock reaction, with shares rising by 3.67%. However, there was no revenue reported, making it difficult to assess overall performance. The lack of guidance and management commentary leaves some uncertainty about future expectations.

Company Snapshot

Hess Midstream LP (HESM) operates in the energy sector, focusing on oil and gas storage and transportation. With a market cap of $5 billion, the company plays a crucial role in the infrastructure that supports energy distribution, which is vital for meeting consumer demand and managing supply chains in the oil and gas industry.

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and will show how well the company is managing its costs and revenues.

0.67

Revenue

Total revenue reflects the company's ability to generate sales from its operations, which is critical for assessing growth.

390M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+8.13%

Avg Stock Reaction

+0.59%

Last Quarter Recap

In Q4-2025, Hess Midstream reported an EPS of $0.72, slightly missing the estimate of $0.73. The stock reacted negatively, dropping 1.41% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect Hess Midstream to report earnings of $0.67 per share on revenues of $390 million for Q1-2026. The market is watching closely for any signs of growth or challenges in the current energy landscape.

Bull Case

If Hess Midstream beats earnings expectations, it could signal strong operational performance and increased demand for its services, potentially boosting investor confidence.

Bear Case

Conversely, if the company misses its earnings target, it may raise concerns about its ability to manage costs and competition in the energy sector, leading to a negative market reaction.

Key Metrics to Watch

EPS

0.67

Earnings per share is a key indicator of profitability and will show how well the company is managing its costs and revenues.

Revenue

390M

Total revenue reflects the company's ability to generate sales from its operations, which is critical for assessing growth.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will the EPS exceed $0.67, indicating strong operational performance?

A beat on EPS could signal effective cost management and robust demand, which the market is keen to see.

What are the revenue figures compared to the $390 million consensus?

Revenue performance will provide insight into the company's growth trajectory and market position.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the impact of recent operational efficiencies that could drive better-than-expected earnings.

Supporting Evidence

Hess Midstream has consistently beaten EPS estimates in the past, with an 88% beat rate.

The options market is pricing in higher volatility, indicating that traders expect significant movement based on earnings.

Previous quarters show that the company has managed to surprise positively despite market challenges.

Key Risk

If EPS comes in below $0.60, it could undermine confidence in the company's operational strategies.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Hess Midstream can sustain its profitability amidst fluctuating energy prices and operational costs.

Bull Confirmed If

An EPS of $0.70 or higher would confirm the bull case, indicating strong profitability.

Bear Confirmed If

An EPS below $0.60 would confirm the bear case, raising concerns about operational efficiency.

Pre-Earnings Positioning

Options Market

Implied Move

±4.53%

Historical Avg

±2.1%

Pricing rich

The options market is pricing in a significant move around the earnings report, suggesting that traders expect volatility based on the results.

Options are pricing ±4.5% while HESM has averaged ±2.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

22.9%

Calls (30K)P/C Ratio: 0.33Puts (6K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Hess Midstream beats expectations, history suggests the stock could rise by about 0.07% on the first day, confirming positive market sentiment.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors await further guidance.

Miss

Should the company miss earnings expectations, history suggests a potential decline of around 1.41% in the stock price.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational efficiencies or cost management strategies.
2Insights into demand trends for oil and gas storage and transportation.
3Management's outlook on energy market conditions and pricing.
4Details on any new contracts or partnerships that could impact revenue.
5Comments on regulatory changes affecting the energy sector.

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Company Snapshot

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and will show how well the company is managing its costs and revenues.

0.67

Revenue

Total revenue reflects the company's ability to generate sales from its operations, which is critical for assessing growth.

390M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+8.13%

Avg Stock Reaction

+0.59%

Last Quarter Recap

In Q4-2025, Hess Midstream reported an EPS of $0.72, slightly missing the estimate of $0.73. The stock reacted negatively, dropping 1.41% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If Hess Midstream beats earnings expectations, it could signal strong operational performance and increased demand for its services, potentially boosting investor confidence.

Bear Case

Conversely, if the company misses its earnings target, it may raise concerns about its ability to manage costs and competition in the energy sector, leading to a negative market reaction.

Key Metrics to Watch

EPS

0.67

Earnings per share is a key indicator of profitability and will show how well the company is managing its costs and revenues.

Revenue

390M

Total revenue reflects the company's ability to generate sales from its operations, which is critical for assessing growth.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will the EPS exceed $0.67, indicating strong operational performance?

A beat on EPS could signal effective cost management and robust demand, which the market is keen to see.

What are the revenue figures compared to the $390 million consensus?

Revenue performance will provide insight into the company's growth trajectory and market position.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the impact of recent operational efficiencies that could drive better-than-expected earnings.

Supporting Evidence

Hess Midstream has consistently beaten EPS estimates in the past, with an 88% beat rate.

The options market is pricing in higher volatility, indicating that traders expect significant movement based on earnings.

Previous quarters show that the company has managed to surprise positively despite market challenges.

Key Risk

If EPS comes in below $0.60, it could undermine confidence in the company's operational strategies.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Hess Midstream can sustain its profitability amidst fluctuating energy prices and operational costs.

Bull Confirmed If

An EPS of $0.70 or higher would confirm the bull case, indicating strong profitability.

Bear Confirmed If

An EPS below $0.60 would confirm the bear case, raising concerns about operational efficiency.

Pre-Earnings Positioning

Options Market

Implied Move

±4.53%

Historical Avg

±2.1%

Pricing rich

The options market is pricing in a significant move around the earnings report, suggesting that traders expect volatility based on the results.

Options are pricing ±4.5% while HESM has averaged ±2.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

22.9%

Calls (30K)P/C Ratio: 0.33Puts (6K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Hess Midstream beats expectations, history suggests the stock could rise by about 0.07% on the first day, confirming positive market sentiment.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors await further guidance.

Miss

Should the company miss earnings expectations, history suggests a potential decline of around 1.41% in the stock price.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational efficiencies or cost management strategies.
2Insights into demand trends for oil and gas storage and transportation.
3Management's outlook on energy market conditions and pricing.
4Details on any new contracts or partnerships that could impact revenue.
5Comments on regulatory changes affecting the energy sector.